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There is no Business Development Director - don't think there's been one for a couple of years.
Taken from Jarvis securities Web page.
Maintain governance structures and processes that are fit for purpose and support good decision-making by the board
The board of Jarvis and JIM comprises the same individuals. The two boards hold separate quarterly board meetings. The board of JIM maintain responsibility for the strategy, stakeholder relationships, regulation and financial reporting of JIM. The board of Jarvis are responsible for corporate governance, financial reporting and dividend policy. The key board roles covering both entities are as follows:
Chairman & Chief Executive - responsible for the strategy and for the day to day management.
Business Development Director – responsible for strategic implementation, on boarding of new regulated commercial clients, relationship management with clients and key suppliers.
Finance Director – responsible for financial reporting and analysis and CASS oversight.
Non Executive Director – responsible for reviewing strategic decisions made by executive directors and ensuring the board act in the interest of independent shareholders at all times.
In addition to the board, Jarvis maintains an audit committee and remuneration committee, the roles of which are detailed below principal 5.
At this stage the Company believes its governance structure is appropriate for its size.
There is no other side of the Group - Jarvis Securities is just the name of the parent company. It doesn't do anything at all so nothing for a finance person to do. More a case of Mr Grant wanting to surround himself with a yes man which is why they have got in this mess.
Maybe a sign that the investigation has concluded !. The FD stayed in his post to help and answer the many questions ! and now it's time for him to depart.
A new FD moved from one side of the group to the other. At least he will know the business.
RNS announcig the FD has resigned with immediate effect and they already have a replacement.
Never a good sign, especially with the enquiry still ongoing but perhaps that was the reason for the weak share price ?
I always felt this could be a takeover target, perhaps that day will come ?
So wrong that there's no update - the last announcement back in July told us nothing either. Small firm mentality with a smaller minded, secretive and, by the looks of it, incompetent management team. About time Mr Grant realised there are investors out there supporting the company rather than looking our for himself and his family!
we're up **** creak by the looks of it !.
sack the management.
Well this has been a glum 2 months in JIM !
Time the ‘skilled person’ reported everything resolved!
It has traditionally been a high yielder & the family own a substantial % of the stock so they seem keen on decent dividend payouts, often giving a special divi as well every 2 or 3 years, not that I'm expecting a special any time soon though.
Yes, looking again, i used the total cost of the shares to me as the divider, which got me to that yield figure. If we used the share price today in respect of the divis paid over whole past year, the yield is more like 9%. Could be a value trap, but we shall see.
I added up what I had received from JIM in my ISA records over the last 12 months and divided by the value. I may have got it wrong. But it's been noticeably one of the higher sources of cash coming in, alongside VMID and HPRO. I mostly hold dependable ETFs of various sorts, but reserve an allocation for a few chosen companies, of which this has been one.
Freedom
I agree, I've also topped up today but at a little higher than your price, sadly.
I do think that you are being much too harsh on the divi at 4%, the historic is 9.78% by the FT but if each quarterly divi is the same as the recently reduced 3rd interim which is now 2.25p it is not unreasonable to suppose the divi will be 9p for the year which at the current price is a shade over 8% yield.
Morningstar are also forecasting a reduced divi but they are suggesting 9.6p, given the cash JIM are making from their customers non interest bearing accounts they should still have a healthy year coming up with base rate over 5%.
Also worth bearing in mind that it is quite shrewd to show a divi cut/bit of pain when you are being looked at by the FCA.
Not sure really what this model B stuff means, but I haven't seen any indication the company going out of business, and the dividend yield has been close to 4% by my reckoning, so I increased my investment today. The 1000 shares bought at 9:39 (listed as a sell) was me.
Thanks Malafuster. I must admit I missed it when scrolling down the RNSs. I probably should not post at 02:44 local time when I can’t sleep.
Did you not notice that there was a further update on 4 July? The matter drags on, and the skilled person’s fees no doubt continue to mount.
On 31 March 2023, the following RNS was issued.
“RNS Number : 8389U
Jarvis Securities plc
31 March 2023
31 March 2023
Jarvis Securities plc
("Jarvis" or "the Company")
Company Update
The Board of Jarvis provides an update on the Skilled Person review as announced in its update on 16 September 2022.
The Skilled Person continues with its review of the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited, and its associated recommendation work, pursuant to s166 Financial Services and Markets Act 200 ("FSMA") ("Skilled Person"). The Skilled Person is currently conducting the review and testing, as part of the second stage of its work originally agreed with the FCA.
The voluntarily agreed restrictions, as set out in the previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.
The Board will provide a further update in due course and within the next three months.”
We are now approaching six months. Surely we should receive something from the BoD.
Traditionally the SP has always risen after divi payment presumably on reinvestment by some into more shares, but this rise is way more than divi reinvestment might implicate, either they dropped too far too fast (possible) or there is something brewing.
Hopefully, as a holder, the latter...
Or - a reassuring report by the incredibly leisurely (and expensive) expert person is imminent that will spark a much steeper rise?
Puny volumes indeed.
I was NT to buy £1k at market this morning. A similar sized buy at 118.95 has been reported this afternoon, which is way over the recent market price.
My hunch is that this SP rise will be unsupported by the end of this week. I would love good news to break but, otherwise, I see no reason for a spike above the fair value of 100p/105p imho.
Any other views would be most welcome.
D
Puny volume - but rising.
I've given up posting on LSE, but.....
People soon forget the good times. I've been in Jarvis for five year and now use them as my main broker. In that time we have had cash back out of the company coffers, special dividends.
At the moment I'm £3000 down.
I've had £4350 profit from a bit of trading.
I've had £1150 Dividends.
Probably won't be buying any more, even at these prices, but won't be taking those losses either.
I must admit, I'm also considering cutting losses here, unless someone can convince me otherwise that some good news is coming up?
Ever get the feeling there's a large seller out there? Every time a few purchases lifts the price a large sale comes along. I would say the market makers are supporting the price. Thoughts?
I don't think we will ever make any money investing in JIM? It seems to be run solely by and for the purpose of Mr Gr#@t and his family. If JIM is still being advised how to run their operation, within the rules of the FCA, and have lost model B firms because of apparent poor controls then Mr Gr#@t is the one responsible for all this?
You are better off investing elsewhere IMHO.
DYOR